Crypto Wallets, Explained

May 11, 2018

8.

Forks can be used to launch new coins on hosted wallets. It can take a while for them to be supported, and sometimes, crypto wallets will not support forks at all.

Usually, developers behind hosted wallets will analyze these forks, and where possible, will check a new chain for pre-mining or other suspicious behavior. If there is no evidence of this, it is likely that the hosted wallet will support the fork – and customers who already hold coins will be credited with the new asset.

This process isn’t always slow. For example, Freewallet released a Bitcoin Cash wallet two days after the Bitcoin fork and provided new coins for users. The hosted wallet became the first provider to support the fork.

Disclaimer. CryptoNewspeople does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.